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Leases

9 Months Ended

Sep. 30, 2025

Note 5–Leases

The Company leases certain facilities from a related party, which is a company affiliated with it through common ownership. The costs for these leases are presented within short-term lease cost in the below table.

As of September 30, 2025, there were no additional significant operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Related Parties		Others		Total		Related Parties			Others			Total
Lease Cost
Capitalized operating lease cost	$	—	$	461	$	461	$	—		$	1,383		$	1,383
Short-term lease cost		420		148		568		1,260			444			1,704
Total lease cost	$	420	$	609	$	1,029	$	1,260		$	1,827		$	3,087

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	516	$	516	$	—		$	1,541		$	1,541

Weighted-average remaining lease term (in years):
Capitalized operating leases								—			1.47			1.47

Weighted-average discount rate:
Capitalized operating leases								—	%		4.33	%		4.33	%

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Related Parties		Others		Total		Related Parties			Others			Total
Lease Cost
Capitalized operating lease cost	$	—	$	501	$	501	$	—		$	1,445		$	1,445
Short-term lease cost		420		140		560		1,261			421			1,682
Total lease cost	$	420	$	641	$	1,061	$	1,261		$	1,866		$	3,127

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	550	$	550	$	—		$	1,527		$	1,527

Weighted-average remaining lease term (in years):
Capitalized operating leases								—			2.22			2.22

Weighted-average discount rate:
Capitalized operating leases								—	%		4.27	%		4.27	%

As of September 30, 2025, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands):


For the Years Ended December 31,
2025, excluding the nine months ended September 30, 2025	$	521
2026		1,205
2027		237
2028		161
2029		—
Thereafter		—
		2,124
Imputed interest		(63)
Lease liability balance at September 30, 2025	$	2,061

As of September 30, 2025, the right-of-use, or ROU, asset had a balance of $1,781. The long-term lease liability was $437 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,624. As of December 31, 2024, the ROU asset had a balance of $3,077. The long-term lease liability was $1,552 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,805.